Market Trends of UAE Buy Now Pay Later Services Industry
This section covers the major market trends shaping the UAE Buy Now Pay Later Service Market according to our research experts:
Increase in Adoption of Online Payment Methods Among the People
Due to the increased proliferation of COVID-19 patients around UAE and the increased demand for treatment, people are turning to purchase now pay later services, which is predicted to be a lucrative potential for the buy now pay later platform in the healthcare industry.
The emergence of online payment methods by people in developing countries is speeding up the growth of the purchase now pay later sector. The economical and convenient payment service of buy now pay later platforms, as well as the rise of the e-commerce business in the UAE, are the primary drivers driving the growth of the UAE buy now pay later market trends.
However, the market's expansion is hampered by significant late and returned payment costs. On the contrary, the buy now pay later sector is likely to benefit from an increase in demand for delayed payments for online purchases and an increase in spending on luxury goods among the adult population.
Due to a rise in consumers spending on daily essential products and services at retail outlets via the purchase now pay later platform, the retail goods segment generated the greatest market share in 2020. However, due to rising treatment costs for various severe conditions such as chronic heart disease, cancer, and cardiovascular disorders, the healthcare & wellness category is predicted to grow at the fastest rate throughout the projection period.
Furthermore, due to the increased proliferation of COVID-19 patients around UAE and the increased demand for treatment, people are turning to purchase now pay later services, which is predicted to be a lucrative potential for the buy now pay later platform in the healthcare industry.
Affordable and Convenient Payment Service
The purchase now pay later payment method provides individuals with various advantages, including affordable and convenient payment services, fast credit card fund transfer service at the point of sale platform, and increased personal information security, all of which contribute to the market's growth.
Furthermore, the purchase now pay later platform supports a QR-code option that allows individuals to make a payment using a scan code and to conduct transactions using UPI techniques, all of which contribute to the market's growth. Furthermore, the buy now pay later platform enables customers to make secure payments without having to swipe their debit cards, boosting market growth in UAE.
Moreover, the purchase now pay later platform provides crucial benefits such as reminders about payback, boosting an individual's credit score, and digitally monitoring transaction details, all of which help to drive the market's expansion around the UAE.
Retailers and merchants are increasingly using the buy now, pay later payment technology platform because it allows them to improve their revenue by selling lower-cost products at a higher rate and providing an instalment payback option. The benefits that the buy now platform provides to both customers and merchants are propelling the market forward.
